There are many wondering things about the fall: the leaves turning colors, sweater weather and getting back into a routine! But, have you considered that this might be a great time to consider buying a home? We have a few reasons to consider not waiting to buy a home but doing it now!
1. Mortgage Interest Rates
For about a year now, mortgage interest rates have held at around 4%. Most market experts are predicting that, over the next 12 months, rates will start to rise. Rising interest rates means rising monthly payments. Act now to take advantage of the steady rates, before they start climbing again!
2. Home Prices
In the beautiful Pacific Northwest, home prices have increased by an average of 6.7% over the past 12 months. This trend is predicted to continue with an increase of 5% this next year. Home values are going to continue appreciating.
3. Investment in the Future
There are some people who are uncomfortable with taking on the responsibility of a mortgage. While this is a valid concern, even renters are paying a mortgage - you just happen to not be the owner! As a home owner, your mortgage is an asset that can payoff in the future in the form of equity. However, as a renter, you are providing your landlord with that financial freedom.
4. Less Competition
The summer home-buying market is hot hot hot!! But, waiting for the fall can open up more opportunities and less competition. Fall has previous been considered as the "off-season" in real estate, but there are always many wonderful homes for sale! Fall is the time to take advantage of a market with ample supply and less demand.
Whether you are hesitant to buy or waiting for the perfect opportunity, now is the time. Buying sooner rather than later can lead to substantial savings. Find the perfect home for your family to settle down in, just in time for a cozy winter season!
Engel & Völkers Seattle Eastside